Queens Apartment Trades Hands

A 'Quooklyn' asset trades for $21 million; Marcus & Millichap brokers the sale of a fractured condo in Tampa; and Red Capital provides an $8.8 million balance-sheet loan for the construction of a memory-care project.
71-13 60th Lane - Google Street View

71-13 60th Lane – Google Street View

Ridgewood, N.Y.—Viking Management has grabbed a 45,800-square-foot apartment building in the Queens neighborhood of Ridgewood (a.k.a. ‘Quuoklyn‘) for $21 million from Bonjour Capital. The submarket, which borders Brooklyn’s East Williamsburg and Bushwick, is becoming a popular destination for renters seeking value and easy access to the M and L subway lines. Eastern Consolidated represented the seller and procured the buyer.

71-13 60th Lane is close to Myrtle Ave., the neighborhood’s main commercial corridor. The elevator building features a mix of one-, two- and three-bedroom units with luxury finishes. Amenities include a parking area, game room, resident lounge, children’s play room and furnished roof deck.

Marcus & Millichap closes fractured condo sale

Tampa, Fla.—Marcus & Millichap has brokered the $7 million sale of 66 units within Town Park Villas, an 81-unit fractured townhouse community within the Temple Terrace submarket of Tampa, Fla. The seller was a private investor from Longwood, Fla. The buyer was a Miami L.L.C.

Built in 2008 and 2009, Town Park Villas is comprised of 12 three-story buildings with a unit mix of three- and four-bedroom floor plans. Units feature solid wood cabinets, granite countertops, stainless steel or black appliances, oversized closets, private balconies and attached one- or two-car garages.

Red Capital Provides $8.8M balance-sheet loan

Columbus, Ohio–Red Capital Partners LLC recently completed an $8.8 million balance sheet construction loan to Milestone Retirement, the Crystal Group and Taylor Fitzpatrick Capital for the construction of Lakewood Memory Care, a class A development located in Lakewood, Colo., just outside of Denver.

The loan will support the construction of the one single story building containing 46 memory care units, with 52 beds (40 private studios and 6 semi-private studios). The general contractor for the project will be Brinkman Partners.

Milestone Retirement Communities LLC will manage and operate the memory care facility. Based in the Pacific Northwest, Milestone is a well-respected operator with a deep history in the senior housing space in the Western United States with 27 communities representing over 2,700 units concentrated in the western states of California, Oregon, Washington, Colorado, Idaho, Arizona and Nevada.

This was the first non-agency, non-recourse construction loan Milestone has closed on, stated Paul W. Dendy, CEO of Milestone Retirement Communities.